Monochrome Asset Management has announced that it Monochrome Bitcoin ETF (IBTC) will implement Proof of Reserve verification through a new partnership with HosekiThis makes IBTC the first Australian spot Bitcoin ETF to take such transparency measures.
Launched earlier this year, the Monochrome Bitcoin ETF has seen a steady inflow of 134 Bitcoin worth over AUD 11 million. The fund has now partnered with Hoseki to provide daily proof of reserves for its Bitcoin holdings.
Hoseki’s advanced verification process, Hoseki Verified, allows Monochrome to provide independently verified evidence that investors’ assets are fully accounted for. This ongoing auditing sets a higher standard for transparency in Australian Bitcoin ETFs.
“Proof of Reserves is important for establishing full operational transparency of a Bitcoin ETF,” said Jeff Yew, CEO at Monochrome Asset Management. “Our partnership with Hoseki underscores our commitment to setting the highest standards of integrity and reliability in Bitcoin ETFs, setting a precedent for the industry.”
According to Monochrome, the Hoseki integration also ties into the unique ability for instant Bitcoin requests and redemptions, ensuring privacy and maintaining transparency.
As a leading Bitcoin verification provider, Hoseki will perform real-time validation that IBTC’s Bitcoin reserves match its stated holdings. This will provide investors with clear proof of assets. The initiative could lead to broader adoption of strict verification measures across the Bitcoin ETF landscape.